PLUS Loans

Parent Loan for Undergraduate Students (PLUS) is a government guaranteed student loan program designed to help parents pay for educational expenses at post-secondary schools. This loan may be used separately or in addition to Stafford loans.

What Is It?
A PLUS loan is for parents of dependent undergraduate students. Disbursement checks are made co-payable to the parents and the school and are sent directly to the school.

Who Is Eligible?
Parents of dependent undergraduates enrolled in a post-secondary school.

How Much Can I Borrow?
To determine the amount that can be borrowed with a PLUS loan, simply subtract any financial aid received from the total cost of your child's education.

What About Interest Rate And Fees?
The variable interest rate is set annually by the Department of Education on July 1. Call 1-800-242-BANK to talk with a Dollar Bank Representative about the current interest rate. There is an originator's fee of 3% and an insurance fee not to exceed 1%.

Additional Information
Payments on PLUS loans begin within 60 days of disbursement. A Dollar Bank credit application must be completed along with the application for a PLUS loan. The PLUS Promissory Note contains detailed loan program information.

If you have additional questions about applying for a student loan, ask a Dollar Bank Representative, or to visit the Sallie Mae website, click here

To try our loan calculators, click here.

The information presented in this publication is general in nature; it is not our intention to provide specific advice to individuals or a comprehensive discussion of the subject matter. We suggest that you consult with your financial or tax advisor, accountant or attorney to obtain specific advice or comprehensive information.